Renting is often the first step to home ownership. You gain a sense of independence and freedom yet also become more responsible. You’ll have monthly rental costs to pay, manage cooking, cleaning and more.
Perhaps you’re ready for the next step and would like a place to finally call your own?
We’ve outlined some of the benefits of home ownership below:
If you’re renting, you may be limited to what you can do with the property, how it’s painted, what furnishings you have etc. But when you own your own home, you can design it to suit your style and taste. So, if bright and bold colours are your thing, go for it! You can finally live in a place you are proud to call your own.
You’ll no longer have to abide by any rules your landlord had in place. You’re free to do as you like. So, if you’ve always longed for a pet, now is the time to find your perfect furry friend.
Perhaps you shared your rental property with a flat mate or two and were longing for some privacy and additional space. With your own home, you can have both!
When you rent, your monthly rental payment may increase. If you take out a mortgage with a fixed rate, you’ll be paying the same amount every month until that fixed period ends (fixed rates are usually between 2, 3 and 5 years). When it ends, you can remortgage and potentially find a cheaper fixed rate. The fixed rate allows you to budget more effectively and provides some stability in your life as you know this payment won’t be changing for a while.
Each monthly repayment you make goes towards paying off interest and capital on your mortgage. Therefore, each month you’ll be increasing the amount of equity in your home – the longer you own your home, the more equity you’ll have. If you ever sell the property, you can use the built-up equity as a deposit for a new home.
There’s no better feeling than owning your own home. Although it may take a few years of saving to gather a deposit, we promise it’ll be worth it!
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